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    Court torpedoes FC regulations lifeboat for floating charge
    2010-09-23

    In the recent judgment of Gray and others v G-T-P Group Limited, the High Court considered whether a charge fell within the scope of the Financial Collateral (No.2) Regulations 2003 (“the Regulations”) and would not therefore be void against a liquidator, despite not being registered with the Registrar of Companies.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, DMH Stallard LLP, Retail, Collateral (finance), Beneficiary, Liquidator (law), HM Treasury (UK), Trustee
    Authors:
    Gwen Godfrey
    Location:
    United Kingdom
    Firm:
    DMH Stallard LLP
    Security for payment: bonds and guarantees – five pitfalls and protection against them
    2010-07-26

    In the current economic climate, security for payment is key. Although banks have started to lend money again, they remain cautious and those construction firms with weak balance sheets remain at risk of insolvency. This article discusses five pitfalls in the context of some relevant case-law and devices to protect against these.

    Filed under:
    United Kingdom, Banking, Construction, Insolvency & Restructuring, Mayer Brown, Bond (finance), Surety, Debtor, Leasehold estate, Beneficiary, Debt, Balance sheet, Default (finance)
    Authors:
    Jonathan Hosie
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Court of Appeal confirms that English courts have no jurisdiction to sanction Lehman Brothers scheme
    2009-11-09

    In a judgment handed down last week, the Court of Appeal upheld the decision of Mr Justice Blackburne (previously reported here) that the English courts have no jurisdiction to sanction the proposed scheme of arrangement for Lehman Brothers International Europe (LBIE) insofar as it purports to extinguish rights of beneficiaries under trusts.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Locke Lord LLP, Beneficiary, Lehman Brothers, Companies Act 2006 (UK), Supreme Court of the United States, Court of Appeal of England & Wales
    Authors:
    Helen Clark , Jeanne Kohler , M Machua Millett
    Location:
    United Kingdom
    Firm:
    Locke Lord LLP
    Farepak – in BDO we trust
    2009-10-08

    Some of the customers of Farepak, the failed Christmas hamper company that went into liquidation with BDO Stoy Hayward some three years ago, will apparently soon receive their first dividend cheques out of the insolvency. Perhaps even in time for Christmas 2009!

    Filed under:
    United Kingdom, Insolvency & Restructuring, MacRoberts LLP, Dividends, Beneficiary, Liquidation, Liquidator (law)
    Authors:
    Alan Meek , David Flint
    Location:
    United Kingdom
    Firm:
    MacRoberts LLP
    Court rules it has no jurisdiction to sanction scheme concerning trust assets held by Lehman UK
    2009-08-24

    The administrators of Lehman Brothers International (Europe) have been intending to propose a scheme of arrangement under the English Companies Act to enable them to distribute several billions of dollars of assets held on trust by the company in the face of difficulties in establishing who was entitled to the trust assets; in particular, they had not received responses from all potentially interested clients, could not rely on the accuracy of the company's records and had not received all the information requested from sub-custodians and other intermediaries.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Locke Lord LLP, Contractual term, Beneficiary, Consent, Investment banking, Right to property, Lehman Brothers, Trustee
    Authors:
    Lisa Peatfield , Helen Clark , Jeanne Kohler , M Machua Millett
    Location:
    United Kingdom
    Firm:
    Locke Lord LLP
    Who is ‘connected’ or ‘associated’?
    2009-01-21

    Pensions and insolvency legislation uses the test in the Insolvency Act 1986 for assessing whether a person is ‘connected’ or ‘associated’ with another. This test is important because various statutory provisions use it, especially in limiting the persons whom the Pensions Regulator can make responsible for pension scheme deficits under the ‘moral hazard’ powers in the Pensions Act 2004. This briefing gives an outline of the statutory provisions and points to some difficult areas.  

    Why is this relevant?  

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, Share (finance), Shareholder, Beneficiary, Limited liability partnership, Subsidiary, Actuary, Civil partnership in the United Kingdom, The Pensions Regulator (UK), Transfer of Undertakings (Protection of Employment) Regulations 2006 (UK), Insolvency Act 1986 (UK), Pension Protection Fund, Pensions Act 2004 (UK), Trustee
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    “The Life Settlement Industry - Bankruptcy Issues - Part 1”
    2017-01-17

    A “life settlement” is the sale of a life insurance policy to a third party for a value in excess of the policy’s cash surrender value, but less than its death benefit. The life settlement industry focuses on the purchase and sale of life settlements or fractional interests in life settlements to investors. These investors may be anyone from individuals to groups of investors, hedge funds or other institutional investors.

    Filed under:
    USA, Insolvency & Restructuring, Berger Singerman LLP, Bankruptcy, Debtor, Security (finance), Interest, Beneficiary, Hedge funds, Life insurance, Liquidation, Trustee, United States bankruptcy court
    Authors:
    Deborah B. Talenfeld
    Location:
    USA
    Firm:
    Berger Singerman LLP
    Life Settlement Investments: Avoiding the Pitfalls in the Event the Life Settlement Company Files for Bankruptcy
    2016-07-18

    For those who may be considering an investment in life settlements (see my previous blog for background), recent bankruptcy filings of life settlement entities have raised a concern not often considered when determining whether or not to invest: what would happen if the entity that owns or manages the underlying insurance policy(s) ends up in bankruptcy. Life settlement companies typically include provisions in their purchase agreements that downplay the potential ramifications of a bankruptcy filing.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Berger Singerman LLP, Bankruptcy, Unsecured debt, Beneficiary, Unsecured creditor
    Authors:
    Deborah B. Talenfeld
    Location:
    USA
    Firm:
    Berger Singerman LLP
    The Little Airline That Couldn’t
    2016-07-19

    Remember Sabena, the ill-fated Belgian airline that declared bankruptcy in 2001? Well, to quote Ford Madox Ford, this is the saddest story I have ever heard.

    Filed under:
    USA, Aviation, Banking, Insolvency & Restructuring, Trade & Customs, White Collar Crime, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Beneficiary, Office of Foreign Assets Control (USA), Deutsche Bank, Uniform Commercial Code (USA)
    Authors:
    Robert Clifton Burns
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)
    Will Inherited IRAs Be Used As A Tool for Protecting An Inheritance from Creditors?
    2016-06-10

    A recent decision out of a New Jersey Bankruptcy Court highlights a loophole in the Bankruptcy Code which may allow Chapter 7 debtors to keep significant assets out of the hands of trustees and creditors.

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Tax, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Debtor, Beneficiary, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Kerry Moynihan
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)

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